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Quick question about Child Savings Account

5 replies

MandUs · 19/06/2021 13:47

I have a Child Saver account in my name for one of my children aged 5. I needed to provide their documents when opening this account. If someone wants to transfer money into this account, would they name me or the child as the recipient?

Thanks

OP posts:
Fitforforty · 19/06/2021 13:52

Is it legal for an adult to have a child account in their name?

MandUs · 19/06/2021 13:54

Aehm yes, children's accounts are linked to adult accounts until the children reach a certain age.

OP posts:
Tuberoses · 19/06/2021 13:57

I have one of those. The account reverts to the parent at age 18 so if your child isn’t good with money you can prevent them blowing it because it’s technically yours. I believe when you transfer money into the account you name the child as the recipient.

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MandUs · 19/06/2021 14:04

Thanks. That's what I thought but I couldn't actually find any evidence for this as the account is just listed under my accounts on my online banking. Very confusing.

OP posts:
Fitforforty · 19/06/2021 15:57

@MandUs

Aehm yes, children's accounts are linked to adult accounts until the children reach a certain age.
Not all children’s accounts are. I was asking because I’ve never come across this before.
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